Renewed Tariff Worries Send Dogecoin Down 9%, Cardano and Solana Decline 6%

In a rapid turnaround, the U.S. Court of Appeals for the Federal Circuit temporarily blocked the earlier decision that had overturned the Trump-era tariffs, allowing these duties to stay in place as the government prepares its appeal.

This legal development rattled crypto markets: Dogecoin (DOGE) plunged nearly 9%, while Cardano’s ADA and Solana’s SOL each slid about 6% in the last 24 hours amid renewed trade war anxieties.

The tariffs, imposed under the 1977 International Emergency Economic Powers Act and rolled out on April 2 — dubbed “Liberation Day” tariffs by Trump — cover almost all U.S. trading partners.

Bitcoin (BTC) fell below $106,000, and Ethereum (ETH) slipped beneath $2,700, reflecting increased uncertainty. The CoinDesk 20 index, which tracks the largest 20 cryptocurrencies by market cap, dropped 4%.

Nick Ruck, director at LVRG Research, noted via Telegram, “Bitcoin declined following the appeals court’s decision to reinstate tariffs, alongside disappointing GDP data revealing a U.S. economic contraction in Q1.”

“Meanwhile, gold prices climbed as unemployment claims rose and corporate earnings faltered,” Ruck added. “Despite the Fed’s inflation concerns, we remain hopeful Bitcoin will bounce back as investors seek long-term value amid volatile conditions.”

Market sentiment was cautious overall, with the total crypto market capitalization steady at around $3.42 trillion.

Alex Kuptsikevich, chief market analyst at FxPro, told CoinDesk, “Cryptos are largely ignoring recent positive stock market gains, since those are driven by tariffs and earnings reports, not monetary policy shifts.”

He further explained, “Bitcoin’s retreat from $110,000 to $107,000 acts as a necessary cooldown after hitting recent highs, easing the risk of market overheating.”